Comcast Ventures Managing Director, Gil Beyda says whether Bitcoin [BTC] is at $10 or $10,000, his team is bullish on blockchain and its application to major industries as well as to upcoming elections. An interview reported by CNBC caused Gil Beyda to be bashed on social media platforms for not knowing much about cryptocurrency and its application.
Comcast Ventures is a venture capital affiliate of Comcast Corporation. Comcast Ventures invests in innovative businesses that represent the next generation of technologies that will change, in their opinion, the way people live, work and interact. Comcast Corporation is the largest broadcast and cable television in the world by revenue.
According to Beyda, Bitcoin and other cryptocurrencies hold a real value. In 2017, people tried to speculate the bullish trend and wanted to get rich fast, but now they have slowed down to reflect on the real application/use of these technologies. Beyda also claims that there will be another surge and people would understand the true potential of the technology.
When questioned on how the venture capital would use its funds on Bitcoin, Beyda says:
“Irrespective of the price of Bitcoin, if it’s $10,000 or $10, we still believe that there’s core technology there that has the potential to disrupt many industries.”
He later went on to compare the rise and cryptocurrencies and blockchain to that of mobile phone technology. He explains how the underdeveloped countries skipped landline telephones and went to having no phones to mobile phones.
The impact of blockchain technology would be less in a developed country that in an underdeveloped country, Beyda suggested.
He also reveals that the company has already invested in four blockchain-oriented ventures, with New York-based startup Blockdaemon being among them.
When asked about the impact of blockchain on a regular basis, Beyda says:
“We are at an early stage as a regulatory framewok is yet to be established. Blockchain is still waiting for that killer app. It will take a year or two before a broader adoption.”
Venture capital firms find it challenging to accurately value projects in the era of Initial Coin Offerings [ICO]. The ICO startups are more suitable for valuing an economy than a business given the multiple players and the moving parts involved with an ICO project.
Brandon Adams, a Youtuber says:
“It’s so cool how the block chain just runs itself. That’s how we can trust it. It’s not like there’s any developers or miners controlling it behind curtains, oh wait”
John Dozier, another Youtuber says:
“You can tell this guy had very little cryptocurrency knowledge. He seems to be winging it and failing horribly.”
“This guy still really doesn’t get it, he can barely even spit out parroted lines I’m so glad the old guard is dying”
The crypto-space has been gaining a lot of traction from many leading companies. Recently, the CEO of NASDAQ, Adena Friedman, during an interview said that the company will consider becoming a crypto-exchange.